GDP preliminary estimate - 3. quarter of 2008
GDP up by 4.7% in the third quarter
Publication Date: 14. 11. 2008
Product Code: r-5001-08
In Q3 2008, according to a preliminary estimate, GDP adjusted for price, seasonal and working day effects grew by 1.0% in comparison to Q2 2008 and by 4.7% in comparison to Q3 2007. Total employment adjusted for seasonal effects increased by 0.4% compared to Q2 2008 and by 1.9% compared to Q3 2007.
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According to a preliminary estimate, real GDP (adjusted for seasonal and working day effects) increased by 1.0% in comparison to Q2 2008 and by 4.7% in comparison to Q3 2007. Not seasonally adjusted (NSA) GDP grew by 4.7% as well in comparison to Q3 2007.
Real GDP change against Q3 2007 was counter-affected by basic macroeconomic aggregates, namely nominal GDP and aggregate deflator, when nominal GDP slowdown was nearly eliminated by aggregate deflator decrease. The decrease was provoked by a marked fall in the terms of external trade that fully compensated for the 6-percent price increase on average of household expenditure.
Growth of employment was among the contributors to increasing economic performance. An estimate made using available information suggests that seasonally adjusted total employment (according to the national accounts methodology) grew by 0.4% in comparison to Q2 2008 and by 1.9% in comparison to Q3 2007. NSA employment rose by 1.9% as well compared to Q3 2007.
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This CZSO preliminary estimate is based on available information from relevant statistical surveys and administrative data sources; mathematical and statistical methods, imputations and expert estimates have been used. For this reason the standard estimate of GDP and of GDP components to be published on 10 December 2008 may slightly differ from the data released now.
Contact: Michal Široký, tel. 274 054 266, e-mail: michal.siroky@csu.gov.cz